Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2016 |
Operating activities: | | |
Net income | $ 132,588 | $ 514,103 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 168,934 | 161,734 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (666) | (1,599) |
Share-based compensation expense | 5,764 | 5,412 |
Allowance for losses on accounts and accrued straight-line rents receivable | 435 | 1,846 |
Accrued interest on mortgages and notes receivable | (391) | (364) |
Amortization of debt issuance costs | 2,445 | 2,645 |
Amortization of cash flow hedges | 992 | 2,336 |
Amortization of mortgages and notes payable fair value adjustments | 422 | (175) |
Impairments of real estate assets | 1,445 | 0 |
Gains on debt extinguishment | (826) | 0 |
Net gains on disposition of property | (25,181) | (428,656) |
Equity in earnings of unconsolidated affiliates | (6,757) | (5,010) |
Distributions of earnings from unconsolidated affiliates | 4,815 | 3,936 |
Settlement of cash flow hedges | 7,322 | 0 |
Changes in operating assets and liabilities: | | |
Accounts receivable | 916 | 4,798 |
Prepaid expenses and other assets | 2,735 | (2,243) |
Accrued straight-line rents receivable | (24,473) | (18,931) |
Accounts payable, accrued expenses and other liabilities | (308) | (7,447) |
Net cash provided by operating activities | 270,211 | 232,385 |
Investing activities: | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | 0 | (110,249) |
Investments in development in-process | (121,367) | (122,839) |
Investments in tenant improvements and deferred leasing costs | (78,691) | (63,715) |
Investments in building improvements | (41,862) | (51,714) |
Net proceeds from disposition of real estate assets | 85,538 | 680,994 |
Distributions of capital from unconsolidated affiliates | 11,670 | 2,639 |
Investments in mortgages and notes receivable | 0 | (7,934) |
Repayments of mortgages and notes receivable | 2,435 | 869 |
Investments in and advances to unconsolidated affiliates | (10,063) | (105) |
Repayments from unconsolidated affiliates | 0 | 448 |
Changes in restricted cash and other investing activities | (24,225) | (23,310) |
Net cash provided by/(used in) investing activities | (176,565) | 305,084 |
Financing activities: | | |
Dividends on Common Stock | (135,375) | (124,228) |
Special dividend on Common Stock | (81,205) | 0 |
Redemptions/repurchases of Preferred Stock | (28) | (130) |
Dividends on Preferred Stock | (1,869) | (1,877) |
Distributions to noncontrolling interests in the Operating Partnership | (3,742) | (3,684) |
Special distribution to noncontrolling interests in the Operating Partnership | (2,271) | 0 |
Distributions to noncontrolling interests in consolidated affiliates | (1,231) | (966) |
Proceeds from the issuance of Common Stock | 75,517 | 194,518 |
Costs paid for the issuance of Common Stock | (1,244) | (2,888) |
Repurchase of shares related to tax withholdings | (3,966) | (4,416) |
Borrowings on revolving credit facility | 492,300 | 257,800 |
Repayments of revolving credit facility | (420,300) | (528,800) |
Borrowings on mortgages and notes payable | 456,001 | 75,000 |
Repayments of mortgages and notes payable | (507,114) | (395,455) |
Payments of debt extinguishment costs | (57) | 0 |
Changes in debt issuance costs and other financing activities | (3,688) | (992) |
Net cash used in financing activities | (138,272) | (536,118) |
Net increase/(decrease) in cash and cash equivalents | (44,626) | 1,351 |
Cash and cash equivalents at beginning of the period | 49,490 | 5,036 |
Cash and cash equivalents at end of the period | 4,864 | 6,387 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 50,025 | 58,138 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized losses on cash flow hedges | (31) | (7,785) |
Conversions of Common Units to Common Stock | 408 | 3,006 |
Changes in accrued capital expenditures | (6,327) | 25,037 |
Write-off of fully depreciated real estate assets | 41,860 | 28,783 |
Write-off of fully amortized leasing costs | 28,343 | 16,075 |
Write-off of fully amortized debt issuance costs | 4,324 | 916 |
Adjustment of noncontrolling interests in the Operating Partnership to fair value | 3,297 | 13,390 |
Highwoods Realty Limited Partnership [Member] | | |
Operating activities: | | |
Net income | 132,588 | 514,103 |
Adjustments to reconcile net income to net cash provided by operating activities: | | |
Depreciation and amortization | 168,934 | 161,734 |
Amortization of lease incentives and acquisition-related intangible assets and liabilities | (666) | (1,599) |
Share-based compensation expense | 5,764 | 5,412 |
Allowance for losses on accounts and accrued straight-line rents receivable | 435 | 1,846 |
Accrued interest on mortgages and notes receivable | (391) | (364) |
Amortization of debt issuance costs | 2,445 | 2,645 |
Amortization of cash flow hedges | 992 | 2,336 |
Amortization of mortgages and notes payable fair value adjustments | 422 | (175) |
Impairments of real estate assets | 1,445 | 0 |
Gains on debt extinguishment | (826) | 0 |
Net gains on disposition of property | (25,181) | (428,656) |
Equity in earnings of unconsolidated affiliates | (6,757) | (5,010) |
Distributions of earnings from unconsolidated affiliates | 4,815 | 3,523 |
Settlement of cash flow hedges | 7,322 | 0 |
Changes in operating assets and liabilities: | | |
Accounts receivable | 916 | 4,798 |
Prepaid expenses and other assets | 2,735 | (2,243) |
Accrued straight-line rents receivable | (24,473) | (18,931) |
Accounts payable, accrued expenses and other liabilities | (308) | (7,447) |
Net cash provided by operating activities | 270,211 | 231,972 |
Investing activities: | | |
Investments in acquired real estate and related intangible assets, net of cash acquired | 0 | (110,249) |
Investments in development in-process | (121,367) | (122,839) |
Investments in tenant improvements and deferred leasing costs | (78,691) | (63,715) |
Investments in building improvements | (41,862) | (51,714) |
Net proceeds from disposition of real estate assets | 85,538 | 680,994 |
Distributions of capital from unconsolidated affiliates | 11,670 | 3,052 |
Investments in mortgages and notes receivable | 0 | (7,934) |
Repayments of mortgages and notes receivable | 2,435 | 869 |
Investments in and advances to unconsolidated affiliates | (10,063) | (105) |
Repayments from unconsolidated affiliates | 0 | 448 |
Changes in restricted cash and other investing activities | (24,225) | (23,310) |
Net cash provided by/(used in) investing activities | (176,565) | 305,497 |
Financing activities: | | |
Distributions on Common Units | (138,577) | (127,391) |
Special distribution on Common Units | (83,149) | 0 |
Redemptions/repurchases of Preferred Units | (28) | (130) |
Distributions on Preferred Units | (1,869) | (1,877) |
Distributions to noncontrolling interests in consolidated affiliates | (1,231) | (966) |
Proceeds from the issuance of Common Units | 75,517 | 194,518 |
Costs paid for the issuance of Common Units | (1,244) | (2,888) |
Repurchase of units related to tax withholdings | (3,966) | (4,416) |
Borrowings on revolving credit facility | 492,300 | 257,800 |
Repayments of revolving credit facility | (420,300) | (528,800) |
Borrowings on mortgages and notes payable | 456,001 | 75,000 |
Repayments of mortgages and notes payable | (507,114) | (395,455) |
Payments of debt extinguishment costs | (57) | 0 |
Changes in debt issuance costs and other financing activities | (4,555) | (1,513) |
Net cash used in financing activities | (138,272) | (536,118) |
Net increase/(decrease) in cash and cash equivalents | (44,626) | 1,351 |
Cash and cash equivalents at beginning of the period | 49,490 | 5,036 |
Cash and cash equivalents at end of the period | 4,864 | 6,387 |
Supplemental disclosure of cash flow information: | | |
Cash paid for interest, net of amounts capitalized | 50,025 | 58,138 |
Supplemental disclosure of non-cash investing and financing activities: | | |
Unrealized losses on cash flow hedges | (31) | (7,785) |
Changes in accrued capital expenditures | (6,327) | 25,037 |
Write-off of fully depreciated real estate assets | 41,860 | 28,783 |
Write-off of fully amortized leasing costs | 28,343 | 16,075 |
Write-off of fully amortized debt issuance costs | 4,324 | 916 |
Adjustment of Redeemable Common Units to fair value | $ 2,649 | $ 21,576 |